Gift Tax 2024. In 2023, you can make annual gifts to any one person up to a maximum of $17,000 per year ($18,000 in 2024, estimated to be $19,000 in 2025). A married couple filing jointly can double this amount and gift.
In 2024, individuals can give up to $18,000 to one or multiple people without being taxed. Under the current rules, any gift received without consideration that exceeds โน 50,000 in a financial year is subject to tax as income, in accordance with section 56(2)(vi) of the income tax act.
